fiscal cliff. >> at what point do you get concerned? it sounds like perhaps a risk of revisions to q-4 estimates to the downside at this point because as the negotiations grind on and we approach year end, it might reach more of the forefront of consumers' mind and they may pull back. are you concerned about that impact? >> i am. right now we only have october data in hand. and fiscal cliff fears really accelerated in november. if you want to proxy that with something like google searches for fiscal cliff. so we don't really have much november data yet. or december data of course. i think that's where if you're going to see fiscal cliff uncertainty hit, that's where you feel it. i think there is a risk that we could go even lower than 1.5 on fourth quarter growth. >> michael, it's interesting that at no point during this conversation have you elected to talk about the federal reserve which is buying $85 billion of assets every month behind the scenes and on september 12th announced it would have qe